DBS Takes AI Fight To Financial Crime

Tom Burroughes

18 November 2019

Singapore-based , to put the program in place. It is using an AI-powered solution called DDIQ. The offering monitors and sets risk assessments on clients, investments, transactions, third parties and counterparties. Findings from each level of risk assessment are recorded on the platform, cutting the need to do these tasks by hand.

In the first phase of the arrangement, DBS will deploy the DDIQ technology to enhance its customer screening for retail and institutional clients.

"Using AI to help manage risk in financial crime is a journey that involves many small, difficult steps but tremendous ambition and commitment to keep moving,” Lam Chee Kin, managing director and head, group legal, compliance and secretariat at DBS Bank, said.

Brandon Daniels, president of global technology markets at Exiger, said: "Banks are quickly recognising that legacy systems and legacy technology will hold them back from achieving the next phase of growth and meeting increasingly demanding regulatory compliance requirements.”

Exiger operates in locations including London, New York City, the Washington, DC metro area, Toronto, Vancouver, Bucharest, Hong Kong and Singapore.